Stationary Storage Standby Power Market
Stationary Storage Standby Power Market Forecasts to 2030 - Global Analysis By Technology (Lead-Acid Batteries, Vanadium Redox Flow Batteries and Other Technologies), Application (Commercial, Residential and Other Applications) and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $7.26 BN |
|
Projected Year Value (2030) |
US $15.07 BN |
|
CAGR (2023 - 2030) |
11.0% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Stationary Storage Standby Power Market is accounted for $7.26 billion in 2023 and is expected to reach $15.07 billion by 2030 growing at a CAGR of 11.0% during the forecast period. Stationary Storage Standby Power refers to the backup power systems designed to provide electricity during emergencies or when the primary power source fails. These systems are stationary and typically include batteries, generators, or renewable energy sources like solar panels coupled with energy storage solutions. They are crucial for critical infrastructure, such as hospitals, data centers, and telecommunications facilities, ensuring uninterrupted operations during power outages. Stationary storage standby power systems can be grid-tied or off-grid, offering flexibility and reliability in various applications. They play a vital role in enhancing resilience against power disruptions and supporting the continuity of essential services in both urban and remote areas.
Market Dynamics:
Driver:
Renewable energy integration
Renewable energy integration drives the demand for stationary storage standby power solutions by addressing intermittency issues inherent in renewables like solar and wind. These systems store excess energy generated during peak production periods, ensuring a stable power supply during low-generation phases or grid outages. As renewable sources become more prevalent, the need for reliable backup power to offset their variability increases, spurring the growth of the stationary storage standby power market. This integration fosters grid stability, reduces reliance on fossil fuels, and accelerates the transition towards a sustainable energy landscape.
Restraint:
Regulatory hurdles
Regulatory hurdles pose significant challenges to the growth of the stationary storage standby power market. These hurdles often stem from complex permitting processes, safety standards, and interconnection regulations. Varying state and local policies create inconsistencies across different regions, hindering market expansion. Compliance with environmental regulations and grid codes also adds to the complexity, increasing costs and time-to-market for companies.
Opportunity:
Electric vehicle (EV) charging infrastructure
As more EVs are adopted, the demand for charging stations increases, requiring robust backup power solutions to ensure uninterrupted service. Stationary storage systems can provide backup power during grid outages or peak demand periods, enhancing the reliability of EV charging networks. These systems can offer grid services such as peak shaving and load balancing, optimizing the overall efficiency of the charging infrastructure. Furthermore, by integrating stationary storage with EV charging stations, operators can reduce operational costs and enhance the resilience of their networks, thereby driving further growth in the market.
Threat:
Cost dynamics
Cost dynamics pose a significant threat primarily due to the inherent expenses associated with storage technologies. Initial investment costs for batteries and other storage systems can be substantial, deterring potential buyers. Additionally, ongoing operational expenses such as maintenance, replacement, and electricity costs can further strain budgets. Market competitiveness and technological advancements play crucial roles in mitigating these threats by driving down costs and improving efficiency. However, without consistent progress, high costs may limit market penetration and hinder the widespread adoption of stationary storage solutions for standby power.
Covid-19 Impact:
With lockdowns and restrictions disrupting supply chains and construction activities, the deployment of stationary storage systems faced delays and slowdowns. In addition, economic uncertainty led to budget cuts and the deferment of non-essential projects, affecting demand for standby power solutions. However, the pandemic also underscored the importance of reliable backup power, especially for critical infrastructure and healthcare facilities, driving some demand. The market experienced a mix of challenges and opportunities as it navigated through the pandemic's uncertainties.
The lithium-ion batteries segment is expected to be the largest during the forecast period
The growth of lithium-ion batteries in the stationary storage standby power market can be attributed to their high energy density, allowing for compact and efficient storage solutions, which are essential for stationary applications where space is limited. Lithium-ion batteries offer a longer cycle life compared to traditional lead-acid batteries, reducing the need for frequent replacements and maintenance and thus lowering overall operating costs. Moreover, advancements in battery technology have improved safety features, addressing concerns about potential risks associated with large-scale stationary storage deployments. Furthermore, the increasing integration of renewable energy sources into power grids has heightened the demand for reliable energy storage solutions, driving the adoption of lithium-ion batteries.
The industrial segment is expected to have the highest CAGR during the forecast period
In the stationary storage standby power market, the industrial segment is experiencing notable growth. Industries increasingly prioritize uninterrupted power supply to maintain operations, driving demand for reliable standby power solutions. As manufacturing processes become more automated and data-driven, the need for backup power to safeguard critical equipment and prevent downtime escalates. Furthermore, growing awareness of the economic losses incurred during power outages prompts industrial facilities to invest in robust standby power infrastructure. Moreover, advancements in energy storage technologies enhance the efficiency and scalability of standby power systems, appealing to industrial users seeking cost-effective and sustainable solutions.
Region with largest share:
In recent years, North America has witnessed significant growth in the stationary storage standby power market. This growth can be attributed to the increasing frequency of extreme weather events, such as hurricanes and wildfires, which has heightened the demand for reliable backup power solutions across residential, commercial, and industrial sectors. Additionally, advancements in battery technology, coupled with supportive government policies promoting renewable energy integration and grid resilience, have spurred the adoption of stationary storage solutions.
Region with highest CAGR:
The Asia-Pacific region has experienced substantial growth in the stationary storage standby power market due to several key factors. Rapid urbanization and industrialization in countries like China, India, and Japan have increased the demand for reliable power backup solutions. Additionally, rising awareness about environmental sustainability has propelled the adoption of stationary storage systems powered by renewable energy sources like solar and wind. Government initiatives and supportive policies promoting energy storage deployment have further fueled market expansion. Moreover, advancements in battery technology and declining costs have made stationary storage solutions more accessible and attractive to consumers and businesses.
Key players in the market
Some of the key players in Stationary Storage Standby Power market include Abb Ltd, Bloom Energy Corporation, Cummins Inc, Eaton Corporation Plc, Generac Holdings Inc, General Electric Company, Lg Chem Ltd., Schneider Electric Se, Siemens Ag and Tesla Inc.
Key Developments:
In April 2024, Tesla has inked a strategic agreement with Tata Electronics to acquire semiconductor chips for its global operations. This agreement, executed discreetly a few months ago, holds significance as it positions Tata Electronics as a supplier for top-tier global clients seeking to establish a pivotal segment of their semiconductor value chain within India.
In April 2024, South Korea firm LG Chem has agreed a memorandum of understanding with Ansan City to recycle its end-of-life polyvinyl chloride (PVC). An estimated 15 000 tonnes of PVC is collected in Ansan in Gyeonggi Province every year. Using chemical recycling, LG Chem will convert it into pyrolysis oil to power its new facility in Dangjin. The site is scheduled to open in the second half of this year.
Technologies Covered:
• Lead-Acid Batteries
• Vanadium Redox Flow Batteries
• Lithium-Ion Batteries
• Other Technologies
Applications Covered:
• Commercial
• Residential
• Industrial
• Utilities
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Stationary Storage Standby Power Market, By Technology
5.1 Introduction
5.2 Lead-Acid Batteries
5.3 Vanadium Redox Flow Batteries
5.4 Lithium-Ion Batteries
5.5 Other Technologies
6 Global Stationary Storage Standby Power Market, By Application
6.1 Introduction
6.2 Commercial
6.3 Residential
6.4 Industrial
6.5 Utilities
6.6 Other Applications
7 Global Stationary Storage Standby Power Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Abb Ltd
9.2 Bloom Energy Corporation
9.3 Cummins Inc
9.4 Eaton Corporation Plc
9.5 Generac Holdings Inc
9.6 General Electric Company
9.7 Lg Chem Ltd.
9.8 Schneider Electric Se
9.9 Siemens Ag
9.10 Tesla Inc
List of Tables
1 Global Stationary Storage Standby Power Market Outlook, By Region (2021-2030) ($MN)
2 Global Stationary Storage Standby Power Market Outlook, By Technology (2021-2030) ($MN)
3 Global Stationary Storage Standby Power Market Outlook, By Lead-Acid Batteries (2021-2030) ($MN)
4 Global Stationary Storage Standby Power Market Outlook, By Vanadium Redox Flow Batteries (2021-2030) ($MN)
5 Global Stationary Storage Standby Power Market Outlook, By Lithium-Ion Batteries (2021-2030) ($MN)
6 Global Stationary Storage Standby Power Market Outlook, By Other Technologies (2021-2030) ($MN)
7 Global Stationary Storage Standby Power Market Outlook, By Application (2021-2030) ($MN)
8 Global Stationary Storage Standby Power Market Outlook, By Commercial (2021-2030) ($MN)
9 Global Stationary Storage Standby Power Market Outlook, By Residential (2021-2030) ($MN)
10 Global Stationary Storage Standby Power Market Outlook, By Industrial (2021-2030) ($MN)
11 Global Stationary Storage Standby Power Market Outlook, By Utilities (2021-2030) ($MN)
12 Global Stationary Storage Standby Power Market Outlook, By Other Applications (2021-2030) ($MN)
13 North America Stationary Storage Standby Power Market Outlook, By Country (2021-2030) ($MN)
14 North America Stationary Storage Standby Power Market Outlook, By Technology (2021-2030) ($MN)
15 North America Stationary Storage Standby Power Market Outlook, By Lead-Acid Batteries (2021-2030) ($MN)
16 North America Stationary Storage Standby Power Market Outlook, By Vanadium Redox Flow Batteries (2021-2030) ($MN)
17 North America Stationary Storage Standby Power Market Outlook, By Lithium-Ion Batteries (2021-2030) ($MN)
18 North America Stationary Storage Standby Power Market Outlook, By Other Technologies (2021-2030) ($MN)
19 North America Stationary Storage Standby Power Market Outlook, By Application (2021-2030) ($MN)
20 North America Stationary Storage Standby Power Market Outlook, By Commercial (2021-2030) ($MN)
21 North America Stationary Storage Standby Power Market Outlook, By Residential (2021-2030) ($MN)
22 North America Stationary Storage Standby Power Market Outlook, By Industrial (2021-2030) ($MN)
23 North America Stationary Storage Standby Power Market Outlook, By Utilities (2021-2030) ($MN)
24 North America Stationary Storage Standby Power Market Outlook, By Other Applications (2021-2030) ($MN)
25 Europe Stationary Storage Standby Power Market Outlook, By Country (2021-2030) ($MN)
26 Europe Stationary Storage Standby Power Market Outlook, By Technology (2021-2030) ($MN)
27 Europe Stationary Storage Standby Power Market Outlook, By Lead-Acid Batteries (2021-2030) ($MN)
28 Europe Stationary Storage Standby Power Market Outlook, By Vanadium Redox Flow Batteries (2021-2030) ($MN)
29 Europe Stationary Storage Standby Power Market Outlook, By Lithium-Ion Batteries (2021-2030) ($MN)
30 Europe Stationary Storage Standby Power Market Outlook, By Other Technologies (2021-2030) ($MN)
31 Europe Stationary Storage Standby Power Market Outlook, By Application (2021-2030) ($MN)
32 Europe Stationary Storage Standby Power Market Outlook, By Commercial (2021-2030) ($MN)
33 Europe Stationary Storage Standby Power Market Outlook, By Residential (2021-2030) ($MN)
34 Europe Stationary Storage Standby Power Market Outlook, By Industrial (2021-2030) ($MN)
35 Europe Stationary Storage Standby Power Market Outlook, By Utilities (2021-2030) ($MN)
36 Europe Stationary Storage Standby Power Market Outlook, By Other Applications (2021-2030) ($MN)
37 Asia Pacific Stationary Storage Standby Power Market Outlook, By Country (2021-2030) ($MN)
38 Asia Pacific Stationary Storage Standby Power Market Outlook, By Technology (2021-2030) ($MN)
39 Asia Pacific Stationary Storage Standby Power Market Outlook, By Lead-Acid Batteries (2021-2030) ($MN)
40 Asia Pacific Stationary Storage Standby Power Market Outlook, By Vanadium Redox Flow Batteries (2021-2030) ($MN)
41 Asia Pacific Stationary Storage Standby Power Market Outlook, By Lithium-Ion Batteries (2021-2030) ($MN)
42 Asia Pacific Stationary Storage Standby Power Market Outlook, By Other Technologies (2021-2030) ($MN)
43 Asia Pacific Stationary Storage Standby Power Market Outlook, By Application (2021-2030) ($MN)
44 Asia Pacific Stationary Storage Standby Power Market Outlook, By Commercial (2021-2030) ($MN)
45 Asia Pacific Stationary Storage Standby Power Market Outlook, By Residential (2021-2030) ($MN)
46 Asia Pacific Stationary Storage Standby Power Market Outlook, By Industrial (2021-2030) ($MN)
47 Asia Pacific Stationary Storage Standby Power Market Outlook, By Utilities (2021-2030) ($MN)
48 Asia Pacific Stationary Storage Standby Power Market Outlook, By Other Applications (2021-2030) ($MN)
49 South America Stationary Storage Standby Power Market Outlook, By Country (2021-2030) ($MN)
50 South America Stationary Storage Standby Power Market Outlook, By Technology (2021-2030) ($MN)
51 South America Stationary Storage Standby Power Market Outlook, By Lead-Acid Batteries (2021-2030) ($MN)
52 South America Stationary Storage Standby Power Market Outlook, By Vanadium Redox Flow Batteries (2021-2030) ($MN)
53 South America Stationary Storage Standby Power Market Outlook, By Lithium-Ion Batteries (2021-2030) ($MN)
54 South America Stationary Storage Standby Power Market Outlook, By Other Technologies (2021-2030) ($MN)
55 South America Stationary Storage Standby Power Market Outlook, By Application (2021-2030) ($MN)
56 South America Stationary Storage Standby Power Market Outlook, By Commercial (2021-2030) ($MN)
57 South America Stationary Storage Standby Power Market Outlook, By Residential (2021-2030) ($MN)
58 South America Stationary Storage Standby Power Market Outlook, By Industrial (2021-2030) ($MN)
59 South America Stationary Storage Standby Power Market Outlook, By Utilities (2021-2030) ($MN)
60 South America Stationary Storage Standby Power Market Outlook, By Other Applications (2021-2030) ($MN)
61 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Country (2021-2030) ($MN)
62 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Technology (2021-2030) ($MN)
63 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Lead-Acid Batteries (2021-2030) ($MN)
64 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Vanadium Redox Flow Batteries (2021-2030) ($MN)
65 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Lithium-Ion Batteries (2021-2030) ($MN)
66 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Other Technologies (2021-2030) ($MN)
67 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Application (2021-2030) ($MN)
68 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Commercial (2021-2030) ($MN)
69 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Residential (2021-2030) ($MN)
70 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Industrial (2021-2030) ($MN)
71 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Utilities (2021-2030) ($MN)
72 Middle East & Africa Stationary Storage Standby Power Market Outlook, By Other Applications (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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